The inclusion of crypto businesses under India's money laundering rules has given teeth to the regulators overseeing the industry for the first time. By amitoj.
has given teeth to the regulators overseeing the industry for the first time, lawyers and industry participants said.
On Tuesday, the Finance Ministry added the industry to anti-money laundering rules, requiring crypto-related businesses to register with its Financial Intelligence Unit and comply with other mandatory processes under the Prevention of Money Laundering Act . ThesePenalties range to as high as $1,220 for each failure.
“This move is an ask with teeth because if entities fail to report regularly and on a near real-time basis, they can be penalized,” said Vijayendra Pratap Singh, a senior partner at law firm AZB & Partners. “But this can also be seen as the next big further restriction on crypto in India after the
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